Two days before Christmas; two FSCO warnings

by MBN23 Dec 2014

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Two days before Christmas; two FSCO warnings

The Financial Services Commission of Ontario (FSCO) has had a busy year trying to expose unlicensed mortgage providers and just days before 2015, they’re as busy as ever – this time warning the public about two separate individuals.

Lei (Lucy) Chen, a former Centum agent, is claiming to still be with the large network despite the fact that her license expired in 2010.

“FSCO has been notified that Ms. Chen has been accepting cash payments from individuals with the promise that she will arrange for a bank mortgage to be approved in their name,” an official FSCO release states. “Individuals have not received any information about the mortgage, nor have they received reimbursement of their money.”

Another individual, Siva Ratnasingam, has placed on ad on biztha.com to solicit mortgages.

“The Financial Services Commission of Ontario is warning consumers that mortgage broker Siva Ratnasingam is not licensed to do mortgage brokering business in Ontario,” a separate release states.

GOOD WORK FSCO! Our mortgage brokerage industry is counting on your department's due diligence, protecting the public and the reputation of our brokerage channel. THANK YOU AND KEEP UP THE GOOD WORK IN 2015, CHEERS